Betfair Group plc is the worlds largest Internet betting exchange. The companys headquarters are located in Hammersmith in West London, England. Since 9 March 2011 Betfair has operated its betting exchange under a Gibraltar licence. It was listed on the London Stock Exchange until it merged with Paddy Power to form Paddy Power Betfair on 2 February 2016. The company was founded in 2000 by Andrew Black and Edward Wray. Softbank purchased 23% of Betfair in early April 2006 valuing the company at £1.5 billion. In December 2006, Betfair completed the purchase of the horseracing publishing company Timeform (which traded under the name Portway Press Ltd).